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Just went through this exact situation last month. Used Certana.ai to verify all our documents and it turned out there was a small outstanding balance that both we and the debtor had missed. The document cross-checking caught the discrepancy immediately. Saved us from either filing an incorrect termination or having a wrongful lien dispute. The debtor was actually grateful we caught it before their new lender discovered the issue.
Mason Kaczka
•How detailed does the document analysis get? Does it actually review payment calculations or just check for missing documents?
It does a pretty thorough cross-check. Compares the original loan amounts, payment records, and current balances. Flags anything that doesn't add up so you can investigate further.
Whatever you do, don't file the UCC-3 termination until you're absolutely certain. I've seen too many cases where lenders filed terminations under pressure and then discovered there was still an outstanding balance. It's much harder to re-perfect your security interest than it is to take a few extra days to verify the loan status properly.
Agreed. Better to deal with an angry debtor for a few days than to lose your security interest permanently.
Mason Kaczka
•Thanks everyone. I think the consensus is clear - do the complete file review first, then make the termination decision. I'll start pulling all the documents tomorrow.
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Ethan Wilson
For FSB UCC-1 filings, I always pull the entity info from multiple sources and compare them side by side. Sometimes the Secretary of State database, the entity's own records, and the UCC database all have slightly different name formats. It's ridiculous but that's the system we work with.
Ethan Wilson
•Yeah I pull from SOS database, FDIC records if applicable, and sometimes the entity's website or recent filings. Then I use the most complete/formal version for the UCC-1.
NeonNova
•This is way more thorough than what I do. Might explain why I get so many rejections on financial institution filings.
Yuki Tanaka
Update for anyone following this thread - got my FSB UCC-1 accepted after fixing the debtor name format! Turns out the entity was registered as '[Name] Federal Savings Bank' but I had filed it as '[Name] FSB'. Also used that Certana.ai tool someone mentioned and it caught two other potential issues I would have missed. Crisis averted and lender is happy.
Great outcome! I'm definitely going to check out that verification tool for my own FSB UCC filings. Seems like it could save a lot of headaches.
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Don't overthink this. If your document creates a security interest in specific property and is signed by the debtor, it's a security agreement. The courts don't care what you call it. Focus on making sure your UCC-1 is filed correctly and your collateral description is adequate.
PixelWarrior
•This. The title anxiety is usually misplaced - it's the substance that matters.
Still, for peace of mind on a big deal like this, getting some kind of verification makes sense.
Update: Thanks everyone for the advice. I ended up running the document through Certana's verification tool and it confirmed all the required elements were present, including proper attachment language and adequate collateral description. Filed the UCC-1 this morning and it was accepted without issues. Really appreciated the peace of mind before filing.
Great outcome! Always feels good when the filing goes through smoothly.
Dylan Evans
•Nice - sounds like the automated verification saved you some stress and probably some attorney fees too.
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This whole thread is reminding me why I hate UCC searches. The name matching rules are inconsistent, the collateral descriptions are vague, and you never know if you're seeing the complete picture. But for $180K, you definitely need to figure it out properly.
Mia Green
•Welcome to the wonderful world of secured transactions! It gets easier once you understand the patterns, but the first few times are definitely confusing.
At least nowadays we have better tools than we used to. Back in the day, this would have meant calling the filing office and hoping someone could help over the phone.
Just to close the loop on this - once you figure out which UCC-1 filings are active and relevant to your equipment, make sure you also understand what happens if there are existing liens. Some can be satisfied at closing, others might transfer with the equipment. Your purchase agreement should address how existing liens will be handled.
Smart approach. 'We'll handle it' is fine but you want to see the UCC-3 termination statements filed before or at closing to make sure the liens are actually released.
Emma Bianchi
•And get copies of everything for your records. You'll want proof that the liens were properly terminated in case any issues come up later.
Ravi Gupta
This thread is making me paranoid about all my recent filings! Going to go double-check that they're all searchable now.
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Connor Murphy
•Good idea! I now make it standard practice to test searchability immediately after filing.
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Ava Martinez
•Smart move. Catching search issues early is so much easier than discovering them when a client asks for proof.
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GalacticGuru
Update us when you find it! Always curious to learn what the actual issue was for future reference.
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StarSeeker
•Will do! Hopefully it's something simple like the comma formatting.
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Freya Pedersen
•These threads always help me learn about edge cases I haven't encountered yet.
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